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The Value of the Land Beneath Commercial Buildings

Jay Sugarman, chairman and CEO of the real estate investment trusts iStar and Safehold Inc., is out to rehab the rep of ground leases, and is banking his company's own reputation and future on getting squarely behind this often misunderstood and, he says, mismanaged, investment vehicle—one that bifurcates two very different investments, buildings and land. Sugarman says his company—iStar was...